GCC monetary union accord goes into effect

December 16, 2009

The Gulf Cooperation Council (GCC) Monetary Union agreement has gone into effect after being ratified by four GCC member states, Kuwaiti Finance Minister Mustafa Al-Shimali announced yesterday. Speaking from the 30th GCC Summit in Kuwait, Al-Shimali reported that, according to the agreement, GCC Central Bank Governors will work out a timetable for the establishment of a Central Bank ahead of reaching a unified currency. Thus far, the agreement has been ratified by Saudi Arabia, Bahrain, Qatar and Kuwait. Al-Shimali expressed hope that the United Arab Emirates and Oman will soon follow suit.